After being briefly overtaken by Apple in 2023, Samsung once again holds the title for most global smartphone shipments. The International Data Corporation (IDC) Mobile Phone Tracker's preliminary data for 2024's first quarter showed Samsung reclaiming the lead it has held since 2010.
Samsung has reportedly shipped 60.1 million units worldwide in quarter one, representing 20.8 percent of the market share. Apple shipped 50.1 million units for 17.3 percent of the market share. Both companies saw a decrease from 2023's quarter one, though Apple's was much more significant (-9.6 percent) than Samsung's (-0.7 percent). The top five brands remained the same in quarter one as all of 2023, rounded out by Xiaomi with 40.8 million units, Transsion with 28.5 million units and OPPO with 25.2 million units shipped. Transsion overtook OPPO to enter fourth place.
The IDC points to these numbers as an indication that the smartphone market is strengthening. "Firstly, we continue to see growth in value and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer. Secondly, there is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world," said Nabila Popal, research director with IDC's Worldwide Tracker team in a statement. "Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets. In contrast, while the Top 2 players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters."
This article originally appeared on Engadget at https://www.engadget.com/samsung-is-once-again-the-leader-in-global-smartphone-shipments-122528177.html?src=rss Nineteen years after its debut, Reddit is now a publicly traded company. It was listed on the New York Stock Exchange as RDDT for the first time on Thursday, with mascot Snoo on hand to ring the opening bell.
The company aimed to sell 15.3 million shares at $34 a pop to raise around $519.4 million. Stockholders collectively planned to sell 6.7 million shares in the IPO for a total of $228.6 million (Reddit itself wouldn't see any of that money though). The IPO price values Reddit at just under $6.5 billion.
The sale’s underwriters also have the option to buy 3.3 million shares at the IPO price over the next 30 days. So if the stock soars over the next few weeks, the underwriters can pick up shares relatively cheaply. If all those sell, Reddit will pull in another $112.2 million or so. One other interesting aspect of Reddit going public is that it invited long-term users in good standing the chance to snap up shares at the IPO pricing over the last few weeks.
It’s been a long road for Reddit to go public, and it’s doing so long after many of its peers (the last major social media IPO was Pinterest back in 2019). Conde Nast bought Reddit in 2006, just over a year after the platform went live, and spun it back out as an independent subsidiary in 2011. Reddit first filed for an IPO in 2021.
The company has had plenty of controversies to address during its run. Last year, users protested against the company's decision to start charging for API access, effectively killing some third-party apps that hooked into the platform. Thousands of subreddits went private and/or stopped letting users post for a while. Indeed, in its S-1 filing, Reddit notes the importance of its users, stating that if "engagement declines, our business, results of operations, financial condition and prospects will be harmed."
Most recently, Reddit signed a deal with Google said to be worth $60 million a year to train the latter’s AI models on user-generated content. Reddit later said the Federal Trade Commission was looking into the arrangement.
This article originally appeared on Engadget at https://www.engadget.com/reddit-is-now-a-publicly-traded-company-144455403.html?src=rss In case you need another reason to shout "tax the rich" from the rooftops, it's here, and it's going to make you angry. A study found that 35 major US companies paid their top five executives more than they paid in federal income taxes between 2018 and 2022, the Guardian reports. The findings, which come from The Institute for Policy Studies and Americans for Tax Fairness, are even less shocking when you learn the worst offender: Tesla.
Elon Musk's company earned $4.4 billion during those five years and gave its executives $2.5 billion. Despite that, Tesla not only didn't pay any federal taxes, but it received $1 million in refunds from the government. Musk himself is the second richest person in the world, with Forbes reporting he had a net worth of $207.9 billion at the start of March.
Tesla is one of 35 companies that paid less federal income tax than they paid their top five executives during that period. In total, the well-deserving and not-at-all greedy execs of these companies raked in $9.5 billion over these years, while cumulatively those same companies received $1.8 billion back from the government. Eighteen of these businesses reported net profits over the five years but didn't pay a cent of federal income tax. (All but one got refunds).
The study lists other notable companies like T-Mobile, Netflix, Ford Motor alongside Tesla. T-Mobile made $17.9 billion, paid executives $675 million and received $80 million in refunds. The mobile provider has spent an incredible amount of money on lobbying Congress for tax breaks, spending $9 million in 2022 alone. Netflix actually did pay some taxes, but the $236 million was just 1.6 percent of its $15.1 billion in earnings — and just over a third of what it paid those top five executives. The statutory rate for federal income tax is 21 percent, so yeah, feel free to scream.
Update, March 14 2024, 6:23AM ET: An earlier version of this report cited Match Group, which was cited in a separate report on corporate taxation.
This article originally appeared on Engadget at https://www.engadget.com/tesla-paid-no-federal-income-taxes-while-paying-executives-25-billion-over-five-years-154529907.html?src=rss In case you need another reason to shout "tax the rich" from the rooftops, it's here, and it's going to make you angry. A study found that 35 major US companies paid their top five executives more than they paid in federal income taxes between 2018 and 2022, the Guardian reports. The findings, which come from The Institute for Policy Studies and Americans for Tax Fairness, are even less shocking when you learn the worst offender: Tesla.
Elon Musk's company earned $4.4 billion during those five years and gave its executives $2.5 billion. Despite that, Tesla not only didn't pay any federal taxes, but it received $1 million in refunds from the government. Musk himself is the second richest person in the world, with Forbes reporting he had a net worth of $207.9 billion at the start of March.
Tesla is one of 35 companies that paid less federal income tax than they paid their top five executives during that period. In total, the well-deserving and not-at-all greedy execs of these companies raked in $9.5 billion over these years, while cumulatively those same companies received $1.8 billion back from the government. Eighteen of these businesses reported net profits over the five years but didn't pay a cent of federal income tax. (All but one got refunds).
The study lists other notable companies like T-Mobile, Netflix, Ford Motor and Match Group alongside Tesla. T-Mobile made $17.9 billion, paid executives $675 million and received $80 million in refunds. The mobile provider has spent an incredible amount of money on lobbying Congress for tax breaks, spending $9 million in 2022 alone. Netflix actually did pay some taxes, but the $236 million was just 1.6 percent of its $15.1 billion in earnings — and just over a third of what it paid those top five executives. The statutory rate for federal income tax is 21 percent, so yeah, feel free to scream.
This article originally appeared on Engadget at https://www.engadget.com/tesla-paid-no-federal-income-taxes-while-paying-executives-25-billion-over-five-years-154529907.html?src=rss April is just around the corner, so if you're not stressed about filing taxes yet, it's likely coming any day now. Thanks to the lovely (read: horrible) tax lobby and the politicians who take their money, the headache taxes bring is as American as apple pie. The IRS is attempting to simplify things a bit with a Direct File tool, a free digital program that provides step-by-step guidance for taxpayers submitting their returns, The Associated Press reports. The IRS first announced this tool was on its way back in October.
To clarify, yes, even this development still requires filing your taxes and determining how much you owe (why tell us when we can just guess?), but it should be a more straightforward process and save you some money. However, it's far from open for all. The IRS pilot program is available to residents of 12 states and only those with a simple tax situation — we're talking basic W-2s and standard deductions here. Other potentially eligible reporting includes SSA-1099 Social Security income, the Child Tax Credit and student loan interest. The IRS has a complete list of eligibility requirements and a tool to check if you qualify.
Direct File is available to residents of Florida, Nevada, New Hampshire, South Dakota, Texas, Wyoming, Washington, Arizona, California, Massachusetts, and New York. The last four also require state tax returns, so their residents who use Direct File will be directed to tools for filing those once they are finished. Alaska was initially in the mix but has seemingly been dropped since last year's statement.
This article originally appeared on Engadget at https://www.engadget.com/you-can-try-the-irs-alternative-to-turbo-tax-in-12-states-today-125757658.html?src=rss